SAN DIEGO, July 7, 2021 /PRNewswire/ -- Nuvve Holding
Corp. ("Nuvve") (Nasdaq: NVVE), a global technology leader
accelerating the electrification of transportation through its
proprietary vehicle-to-grid (V2G) platform, announced today that it
has been selected as the energy technology provider that will
enable school districts and utilities in San Diego, Calif. and Durango, Colo. to accelerate the
electrification of their school buses, further expanding Nuvve's
growing V2G network. Reinforcing its leadership in this market,
Nuvve's proprietary V2G technology will create value for the
customers of these deployments by lowering the total cost of
ownership of electric school buses (ESBs) to be equal to or less
than that of diesel school buses.
Electrifying school buses is a top priority for the Biden
administration. The $1.2 trillion
infrastructure plan supported by the administration includes
$7.5 billion to replace thousands of
diesel-powered school and transit buses with zero-emission electric
vehicles. However, with approximately 480,000 school buses across
the nation, the $7.5 billion split
across both sectors represents only a fraction of the funding
needed to electrify all school buses across the country. Nuvve's
V2G technology and the company's recently announced plans to form a
joint venture ("Levo") to provide fully financed options for
customers will help bridge the gap between the need to electrify
the nation's transportation fleet and the funding available to do
so.
"We're helping pave the way for more schools to rapidly
electrify their fleets and for more regions to leverage EVs as
distributed energy resources," said Gregory Poilasne, chairman and
CEO of Nuvve. "These school districts aren't just electrifying
their fleets; they're demonstrating that their immediate needs and
budget constraints can be addressed through our V2G technology and
intelligent bidirectional energy management to create cleaner and
healthier rides for students."
By using Nuvve's V2G platform, schools and other fleet customers
can realize cost benefits by allowing Nuvve to use the excess
energy in their EVs to perform services that help stabilize the
grid. In applicable markets, Nuvve can also sell the extra energy
back to the grid and these proceeds can be shared with customers or
help offset upfront costs of charging infrastructure. In addition
to intelligent features that allow the EVs to charge when rates are
low for cost savings, the technology enables EVs to act as "storage
on wheels," firming up the value of renewable energy, including
solar and wind, that is intermittent by nature, and helping
integrate these resources into the grid in a more predictable and
reliable way. To date, Nuvve has deployed over 120 V1G and V2G
charging stations for electric school buses across North America.
In San Diego County, Cajon
Valley Union School District (CVUSD) is electrifying its bus fleet
as a natural next step in its clean, renewable energy initiatives.
All of the district's school sites already have solar power and,
after receiving grant funding, they jumped at the chance to add
ESBs. Five Nuvve V2G DC 60kW charging stations are being installed
at its site this summer with four additional chargers being
commissioned this fall in conjunction with plans to expand its
electrification program to diesel warehouse vehicles.
"We're excited to be working with Nuvve because they were an
early advocate for school bus electrification and worked hard to
find solutions to problems that no one had addressed before," said
Tysen Brodwolf, director of
transportation at Cajon Valley Union School District. "We see
electric and V2G as where school transportation is going, and we
want to start planning for that future now."
CVUSD Assistant Superintendent, Business Services, Scott Buxbaum added, "Nuvve has provided the
district with a tremendous amount of support and is passionate
about its V2G technology and its success. We're happy to be blazing
a new trail together and leveraging V2G to positively impact our
district's students, community, and environment."
Another San Diego County
district, Ramona Unified School District ("RUSD"), is also looking
to the future by adding eight Nuvve V2G DC 60kW charging stations
by the end of the year to help electrify its bus fleet.
In Colorado, La Plata Electric
Association ("LPEA"), a member-owned, nonprofit, electric
distribution cooperative, ("co-op") teamed up with Durango School District 9-R to purchase and
install a fully electric school bus and a Nuvve V2G DC 60kW
charging station made possible by a grant aimed at improving the
state's air quality. This will be the first V2G installation in
LPEA's service territory, enabling the electric co-op to operate
with a higher degree of flexibility, save money on network
operating costs, and take advantage of low-cost renewables. The
installation is scheduled for early fall of this year.
"As a co-op, we have an obligation to lower costs for our
ratepayers, and Nuvve's V2G solution is helping us do this," said
Dominic May, energy resource program
architect at LPEA. "We also have aggressive decarbonization goals,
and electrifying school buses in Durango helps us achieve those. It's a win for
our ratepayers and students, and we see ourselves demonstrating how
V2G can help other Colorado co-ops
looking for innovative cost savings technology."
For more information on Nuvve, available charging solutions, or
V2G technology, visit www.nuvve.com.
About Nuvve Holding Corp.
Nuvve Holding Corp. (Nasdaq: NVVE) ("Nuvve") is accelerating the
electrification of transportation through its proprietary
vehicle-to-grid ("V2G") technology. Its mission is to lower the
cost of electric vehicle ownership while supporting the integration
of renewable energy sources, including solar and wind. Nuvve's Grid
Integrated Vehicle, GIVeā¢, platform is refueling the next
generation of electric vehicle fleets through intelligent,
bidirectional charging solutions. Since its founding in 2010, Nuvve
has launched successful V2G projects on five continents and is
deploying commercial services worldwide by developing partnerships
with utilities, automakers, and electric vehicle fleets. Nuvve is
headquartered in San Diego,
California, and can be found online
at www.nuvve.com.
Nuvve and associated logos are among the trademarks of Nuvve
and/or its affiliates in the United
States, certain other countries and/or the EU. Any other
trademarks or trade names mentioned are the property of their
respective owners.
Nuvve Press Contact
Marc Trahand, EVP Marketing
marc@nuvve.com
858-250-9740
Nuvve Investor Contact
Lytham Partners
Robert Blum or Joe Dorame
nuvve@lythampartners.com
602-889-9700
Forward Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact, regarding the Nuvve's strategy, future
operations, estimated and projected financial performance,
prospects, plans and objectives are forward-looking statements.
When used in this press release, the words "could," "should,"
"will," "may," "believe," "anticipate," "intend," "estimate,"
"expect," "project," the negative of such terms and other similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain such
identifying words. These forward-looking statements are based on
management's current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Nuvve disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by
the statements in this section, to reflect events or circumstances
after the date of this press release. Nuvve cautions you that these
forward-looking statements are subject to numerous risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Nuvve, including the following
factors: (i) Nuvve's dependence on widespread acceptance and
adoption of electric vehicles, V2G, and increased installation of
charging stations; (ii) Nuvve's current dependence on sales of
charging stations for most of its revenues; (iii) overall demand
for electric vehicle charging and the potential for reduced demand
if governmental rebates, tax credits and other financial incentives
are reduced, modified or eliminated or governmental mandates to
increase the use of electric vehicles or decrease the use of
vehicles powered by fossil fuels, either directly or indirectly
through mandated limits on carbon emissions, are reduced, modified
or eliminated; (iv) potential adverse effects on Nuvve's revenue
and gross margins if customers increasingly claim clean energy
credits and, as a result, they are no longer available to be
claimed by Nuvve; (v) the demand for, and full financing, the
planned Levo joint venture; (vi) the effects of competition on
Nuvve's future business; (vii) risks related to Nuvve's dependence
on its intellectual property and the risk that Nuvve's technology
could have undetected defects or errors; (viii) changes in
applicable laws or regulations; (ix) the COVID-19 pandemic and its
effect directly on Nuvve and the economy generally; (x) risks
relating to privacy and data protection laws, privacy or data
breaches, or the loss of data; and (xi) the possibility that Nuvve
may be adversely affected by other economic, business, and/or
competitive factors. Should one or more of the risks or
uncertainties described in this press release materialize or should
underlying assumptions prove incorrect, actual results and plans
could differ materially from those expressed in any forward-looking
statements. Additional information concerning these and other
factors that may impact the operations and projections discussed
herein can be found in the quarterly report on Form 10-Q filed by
Nuvve with the U.S. Securities and Exchange Commission ("SEC") on
May 21, 2021,; in the proxy
statement/prospectus filed with the SEC under Rule 424(b)(3) on
February 17, 2021, and in the other
reports that Nuvve has filed and will file from time to time with
the SEC. Nuvve's SEC filings are available publicly on the SEC's
website at www.sec.gov.
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SOURCE Nuvve Holding Corp.